SPECIAL: CB Richard Ellis Exec Bullish on 2nd Half

"Investment properties continue to be very strong," Gulesserian tells GlobeSt.com. "Corporate users are very strong on the strategy and advisory level. There may have been some air pockets, but we expect them to comeback shortly."

There has been something of a slowdown, he admits, based in part on declining consumer confidence.

"Corporate America has become cautious because of earnings reports and layoffs, but many, many companies are actively looking for a strong second half," he says.

His views are not shared by everyone. Marcus & Millchap in a recent study shows a slowdown in a key local area--population.

"The population in the Atlanta region rose by over 2% per year from 1995 to 2000, representing a total of approximately 427,000 new residents," the study says. "With job growth forecast to decline this year to a more sustainable 2%, it is reasonable to expect population growth to also moderate slightly."

But Gulesserian remains bullish. "Our take is that we have a strong second half of the year," he tells GlobeSt.com. "For investment properties, the multi-housing market remains the strongest."

Gulesserian bases his assumptions on talks with his own clients. His office has 65 salespeople who do approximately 500 transactions a year representing $1.7 billion.

The Marcus & Millichap report, however, stresses key economic variables are pointing to slower growth for the rest of the year. The San Francisco-based brokerage also senses a slowdown.

"This year, most sectors of commercial real estate will continue to have ample capital, but the majority of lenders will continue to be selective and controlled in their approach to lending," William E. Hughes, senior vice president of Marcus & Millchap Capital Corp., says in the report.

But like CB Richard's Gulessarian, he views area apartments as remaining in a strong position. Even if there is a recession, home purchases will decline and more consumers will consider renting, he reasons.